Zeta’s Post

Transcript

We've been talking to really large institutions, financial institutions, banks and issuers across globe for the last six years now and we come across the exact same pain points. Pretty much every bank across the globe has been using legacy platforms that were written more than 3040 years ago. Nobody loves their software. Almost everybody universally actually hates their existing technology stack. Banking is probably one of the last few industries, you know, that still uses software that was written before I was born. More than 50% of banking stax today still run on mainframes and cobalt. Some, some countries, some places even 70 to 80% or more. They all sort of talk about the same pain points there that they're extremely slow, they can't be fast, agile and nimble when it comes to launching products. The average time that it takes the industry to launch a new product is is 21.4 months. So for any app, any application or digital experience needs to be built on top of these legacy platforms. It's very difficult to do that, in many cases, almost impossible, high operational costs, hiring. Mobile programmers or supporting legacy platforms or not being able to create self-service interface with their customers substantially increase operational expenses of banks in able to create modern digital experiences because of the stack not supporting them unable to personalize the product. If you look at the vast majority of financial products and services out there today, more than 600 million credit cards issued in in the United States, every single credit card. The only distinction between them for you know across multiple products is is a PR and reward programs. Collection processing stack would allow hyper personalization, the ability to really create truly personalized experiences. So these are some of the pain points that we face, which are not uncommon in any industry that's using legacy software, not leveraging modern capabilities that exist in modern software stacks.